When you walk into your bank, what is the atmosphere like? Do people greet you? Do they know your name? Do they know how business is going? The age of your kids? Does it really matter? Turns out – it does.
Businesses who have a personal relationship with their bank and/or commercial banker experience benefits far beyond the transactional nature of banking. Some of these benefits are directly reflected in how we structure financing. Other benefits are less tangible, like referrals, peace of mind and sense of community.
Our business banking clients say time and time again that their relationship with Plaza Park Bank and their banker is why they choose us.
Here are 4 reasons having a relationship with your commercial bank is important:
- They Advocate for Your Business
Depending on your bank, your commercial banker may have substantial influence in some of the decisions made within the bank. When your banker knows you and your story, they can serve as an internal advocate for you. This might mean flexible terms based on the seasonality of your business or a smaller down payment due to your start-up nature. Don’t settle for bank policies that simply plug numbers into a formula – talk to your banker about how they adjust their approach based on your unique situationIn banks like Plaza Park, our commercial lenders are a part of the internal committee that makes decisions to accept or decline loans. They take the client’s history with us and current circumstances into account when designing the terms of the loan and then advocate for their needs during the approval process.
- They Provide Flexibility
Every business is different and has unique needs. When your business banker takes time to get to know your business, they’re often able to craft solutions that meet those needs.
For instance, some businesses are highly seasonal and their cash flow fluctuates greatly throughout the year. This affects their ability to make regular loan payments during certain seasons. When you have mutual trust and a relationship with your bank and your banker, you can voice this concern and, depending on where you bank, they may be able to provide flexible terms that meet your unique needs.
- They Provide Insightful Business Advice
Bankers, especially commercial bankers, can be integral in helping your business grow and succeed. Their exposure to various ownership situations, buy-outs and loan arrangements make them a powerful resource for all sorts of business advice.
Having a personal relationship with your banker provides much more value than simple business transactions. Meet with your banker regularly to go over both financial and general business questions. If they can’t provide insight, they’ll likely be able to refer you to someone who can.
- They’re a Referral Source
Your business banker works and networks with a variety of businesses and professionals. Business bankers with a genuine interest in your business will take the time to understand what your business does, who it serves and how it’s different. And when they know this, they’re able to connect you with vendors, partners and clients that could be an asset to your business.Ask your business banker regularly if they know of anyone who might have an interest in or need for your services. Also, consult your banker when you’re looking for new vendors or partners. Draw from their network and experience – they’ll be happy to help.
When choosing a bank that fits the needs of your business, evaluate more than just rates. Consider the time and effort they take (or don’t take) to get to know you, your story and your business. Trust that having a strong, personal relationship with your bank will pay off in both financial and personal benefit.
Wondering how we can team up to your business
Connect with one of our Commercial Lenders.